Investors cheer the oil company's agreement to sell part of its Egyptian operation to Sinopec; more asset sales expected.

Late Thursday, Apache (ticker: APA) announced that China Petroleum & Chemical, known as Sinopec, will acquire a 33% stake in Apache's Egyptian operations, marking the first step in a joint venture between the two companies. It also marks one of Sinopec's biggest deal to date in the Middle East as it continues to gobble up energy assets around...